GigSuper fund for ‘gig economy’ food delivery riders and the self employed goes into liquidation

  • GigSuper Holdings now in liquidation
  • Had partnership with defunct Deliveroo 
  • READ MORE: Popular brewer closing 

A super fund for ‘gig economy’ food delivery riders and self-employed Aussies has gone into liquidation.

GigSuper was registered in 2017 to cater for the increase in workers running a side business or employed as independent contractors.

A year later, it established a partnership with the now defunct Deliveroo.

The partnership enabled takeaway food delivery drivers – classified as self-employed contractors – to make their own contributions to retirement savings with GigSuper instead of Deliveroo doing it for them.

But the start-up, co-founded by Peter Stanhope and Martin Batur, went into administration in early 2022 owing creditors $2.7million.

GigSuper Holdings Pty Ltd entered a members’ voluntary liquidation on Monday following a general meeting of company members.

This means the group is now solvent and able to pay creditors, little more than two years after it initially collapsed owing $200,000 to staff, $133,000 to the tax office and $2.7million to unsecured creditors, The Australian Financial Review reported at the time.

An Australian super fund for the self-employed and ‘gig economy’ food delivery riders has gone into liquidation (pictured a Deliveroo rider in Sydney)

DW Advisory principal Paul Weston has been appointed as liquidator with those believing they are still owed debts having until July 12 to make a claim.

Australia’s superannuation savings are now worth $3.8trillion, with almost a quarter of that money – or $933billion – invested in self-managed super funds.

Those who are self-employed, operate as a sole trader or in a business partner don’t have to pay themselves super but from July 1, employees have to be paid 11.5 per cent of their wages in superannuation.